New York, US, May 10, 2022 (GLOBE NEWSWIRE) -- Foam Glass Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Foam Glass Market Information by Type, End-User, Process and Application- Forecast till 2027”, the market is estimated to grow at a CAGR of 5.6% to reach USD 2.5 billion by 2027.
Market Scope:
Foam glass is an artificial, acceptable substance manufactured from recycled glass by heating used glass and introducing foaming ingredients to molten form. It is an insulator and has high resistance to extreme temperatures, moisture, oxidation, and most chemicals. Foam glass is a lightweight insulating material that may be utilized for various applications due to its unique qualities such as lightweight, rigidity, resistance to corrosion, chemical inertness, thermal insulation, fire resistance, water, and steam resistance. Furthermore, these glasses are straightforward and have reduced transit expenses, making them more financially feasible. Foam glass has a stronger fire resistance than conventional insulating materials. As a result of these advantageous features, foam glass is a viable material for usage in various end-use industries, including industrial, building and construction, medicinal, and packaging. Because foam glass is an inorganic substance, its qualities do not deteriorate over time. Its mineral composition renders it physiologically, chemically, and combustible inert. Foam glass is used for fireproofing petrochemical tanks, insulating hot and cold tanks, and chemical processing system pipes.
Market Competitive Landscape:
The central companies in the foam glass market are:
- Glapor (Germany)
- Polydros S.A.(Spain)
- Refaglass (Czech Republic)
- MISAPOR (Switzerland)
- Zhejiang Dehe Insulation Technology Co., Ltd. (China)
- Owens Corning (US)
- Zhejiang Zhenshen Insulation Technology Corp. (China)
- Earthstone International (US)
- UUSIOAINES OY (Finland)
- Anhui Huichang New Material Co., Ltd. (China)
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Market USP Covered:
Market Drivers:
Numerous drivers in the foam glass market are increasing market demand. The world's economic situation is improving, and as a result, industry and construction projects are increasing. Foam glass is frequently utilized in industries and construction because of its various features, such as fire resistance, water resistance, insulation, and strength. It is also employed in the manufacturing of industrial machines. The need for insulated glass is increasing rapidly across all industries. Manufacturing enterprises in the United States will expand. As a result, the foam glass economic indicators of form glass are environmentally friendly, and the use of environmentally friendly materials increases quickly. Furthermore, government attempts to employ environmentally friendly materials to fuel the demand of the foam glass market.
Market Restraints:
The high installation cost of foam glass is one of the most significant limitations in the market. As a result, both household and commercial establishments are employing alternatives. Because foam glass is highly fragile, it will necessitate additional care during the installation procedure. One of the market's biggest issues is a lack of understanding regarding foam glass in developing countries.
COVID 19 Analysis
Coronavirus has prompted governments worldwide to enforce lockdown and social separation measures. As a result, the industries have been severely impacted, and production has halted. A lack of production has impacted product demand and supply. The construction industry is the largest consumer of foam glass, and because of the lockout, construction work has come to a halt, reducing demand for foam glass. The pandemic has also had an impact on the manufacture of foam glass. Furthermore, the restrictions on imports and export have created a chasm between the demand and supply of foam glass.
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Market Segmentation
Based on Type
Due to its superior heat and sound insulation capabilities and because closed-cell is also moisture-proof, there is significant demand leading to it dominating the market.
Based on End-Use
Most manufacturers use the chemical method because it provides superior heat insulation and corrosion resistance.
By Application
Due to their heat insulation and sound resistance capabilities, foam glasses are widely utilized in businesses and buildings. As foam glass is a superb insulator of corrosive chemicals and is not harmed by them, it is also commonly employed in the chemical process.
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Regional Insights
The existence of large chemical factories and the widespread usage of foam glass in the building insulation procedure drives the North American area. Europe has the largest market share in the foam glass industry. As a result of the need for the foam glass market in this region, large countries and industries use foam glass. Asia-Pacific is the quickest region, with a soaring CAGR in the foam glass market due to the expansion of manufacturing industries and economic expansion in the market. Because foam glass is only used in the oil refining business, the Middle East and Africa have a small market. Due to expanding industrial capabilities, Latin America will have moderate market expansion.
Companies in the foam glass market, such as Glavel, made from recycled glass, will begin making foam glass gravel at its Essex factory this fall. Glavel, a foam glass gravel created from recycled glass, provides a low-carbon replacement for the stone dust and foam board commonly used under a building's slab to provide drainage and insulation. Conboy developed Glavel and began exporting European foam glass gravel. His strategy was to launch the product in the United States, create a client base, and eventually expand a domestic production facility while contributing to the country's glass recycling problem. The contributions of the key players in the global market will enhance the development of the market in the forecast period.
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